Annual Reports

How we work

Step 1: Year-end data collection. We collect bank statements for every account, sales and purchase invoices, loan and leasing agreements, and the prior-year report.

Step 2: Reconciliations and inventory. We reconcile all bank accounts, confirm debtor and creditor balances, run the year-end inventory of stock and fixed assets, and calculate depreciation. Most errors are caught here.

Step 3: Financial statements for your company category. A micro company (balance sheet up to EUR 350,000, revenue up to EUR 700,000, up to 10 employees) files an abbreviated balance sheet and income statement with minimal notes; small companies add full notes; medium and large ones also prepare a cash flow statement and a statement of changes in equity — see our annual report guide.

Step 4: Management report and shareholder approval. Where a management report is required, we draft it for the board. Shareholders must approve the report before filing — we prepare the decision template and schedule approval well before the deadline.

Step 5: EDS filing. We file electronically through EDS and align the report with the annual UIN (CIT) declaration so the figures match — mismatches trigger VID queries. Full checklist: how to prepare an SIA annual report.

What determines the price of an annual report in Latvia

Two variables: company category and transaction volume. A dormant, zero-activity company is the simplest case — from EUR 150 as a one-off fee. For our monthly clients, the annual report is normally billed as one additional monthly fee: EUR 150 for a new company, EUR 200–600 for a small business, EUR 700–900 for a medium company, from EUR 1,000 for large ones. Standalone preparation is quoted after a look at your ledger — the first consultation is free; current rates are on our pricing page. One more variable is timing — the earlier we get your data before the filing deadline, the cheaper the process.

FAQ

What is the annual report deadline in Latvia?

For calendar-year companies, micro and small businesses file by April 30 — four months after year end. Medium and large companies have until July 31 (see the deadline overview). With a non-calendar fiscal year, count four or seven months from its end date. Shareholders must approve the report before it is filed, so the approval meeting has to fit inside the same deadline.

How much does annual report preparation cost?

It depends on transaction volume and company category. At CORVUS, annual report preparation for a zero-activity (dormant) or very simple micro company starts from EUR 150 as a one-off fee. For active companies the fee typically equals one monthly accounting fee — EUR 150–600 for most micro and small businesses, EUR 700–900 for medium ones. We give a fixed quote after a free initial consultation.

What if the company had no activity during the year?

A dormant company must still file. Latvian law has no formal dormant status: as long as the SIA is in the Commercial Register, it must submit an annual report every year, even one showing zero revenue. Skipping it leads to fines and, eventually, forced removal from the register — see our article on dormant company obligations. A zero-activity report is quick to prepare.

Can you fix or file overdue annual reports for past years?

Yes. Each missing year is prepared and filed separately, in chronological order. VID can fine up to EUR 200 for a first offence and up to EUR 600 for repeated ones, and after eight months of delay UR can start removing the company from the register — details in annual report penalties. We regularly clear multi-year backlogs, including taking over from a previous accountant mid-year.

Do you handle the audit coordination?

Yes. A sworn auditor is mandatory when your company meets two of three thresholds: balance sheet over EUR 800,000, net revenue over EUR 1,600,000, or more than 50 employees — see audit requirements. We check your thresholds, prepare the working file to auditor standards, and answer the auditor's queries on your behalf — in Latvian, Russian, or English.